Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.008%

Price spread now: Derive against Kalshi−0.032%7-day average −0.061% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.146%+$15 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now −0.032%, 7d avg −0.061%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Derive is 0.029% dearer against Kalshi than usual: you sell high and buy low (spread −0.032% now, against its 7-day average of −0.061%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.146%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXHYPEPERP	92.980	0.0121	pay 0.0121% / 8h	7h 20m	$1.8M	$5.4M	2.3x
Short	Derive HYPE-PERP	92.950	0.0100	get 0.0013% / 1h	20m 12s	$16.0M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KalshibpFee DerivebpOrdersPrice spread, now −0.032%Rate

Funding earned: −$4.4
Price spread: −0.032% → −0.061%: $2.86
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$17.55
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Derive: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kalshi live order book, 3 min ago	2.16 bp	11.5 bp −$11	12.9 bp −$129	19.6 bp −$1,961	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1720%	1h	92.759	−0.238%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0299%	1h	92.824	−0.168%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.866	−0.123%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.882	−0.105%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	92.954	−0.028%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	92.929	−0.055%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.850	−0.140%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.876	−0.112%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.967	−0.014%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0018%	1h	92.860	−0.129%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.923	−0.061%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	−0.063%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.970	−0.011%	$316.2M	$283.1M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.900	−0.086%	$81K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	93.009	+0.031%	$225.1M	$99.0M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.978	−0.002%	$12.6M	$2.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.987	+0.008%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.007	+0.029%	$3.1M	$11.6M	20x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.941	−0.042%	$45.2M	$54.5M	75x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	92.694	−0.308%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.917	−0.068%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.900	−0.086%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.875	−0.112%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.927	−0.057%	$2.02B	$666.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.984	+0.004%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.927	−0.057%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.981	+0.001%	$374.2M	$906.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.976	−0.004%	$114.2M	$304.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.292%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.969	−0.012%	$91.5M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.953	−0.029%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.956	−0.026%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.879	−0.109%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.152%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	−0.185%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.725	−0.274%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.846	−0.144%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.943	−0.040%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.935	−0.048%	$487K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.978	−0.002%	$79K	$166K	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	92.950	−0.032%	$16.0M	$7.5M	10x
SunX HYPE-USDT	+0.0100%	4h	92.921	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.008	+0.030%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.137	+0.169%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.985	+0.006%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.976	−0.004%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERPlong	+0.0121%	8h	92.980	long leg	$1.8M	$5.4M	2.3x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.060	+0.086%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.086	+0.114%	$20.7M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.183%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.952	−0.030%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.965	−0.016%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.872	−0.116%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.106	+0.136%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.959	−0.022%	$3.2M	$6.3M	20x	as long as short